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You believe IBM will pay dividends of $1.50 and $2.50 for the next two years. From year two onwards, dividends will grow at a rate

You believe IBM will pay dividends of $1.50 and $2.50 for the next two years. From year two onwards, dividends will grow at a rate of 7%. If the appropriate discount rate is 15%, what is a fair price for IBM?

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